Petrobras Lifts 2025 Proved Reserves to 12.1 Billion Barrels of Oil Equivalent

The latest update is out from Petroleo Brasileiro SA- Petrobras ( (PBR) ).

On January 28, 2026, Petrobras reported that its proved reserves of oil, condensate and natural gas under SEC criteria reached 12.1 billion barrels of oil equivalent as of December 31, 2025, with oil and condensate accounting for 84% of the total and natural gas 16%. In 2025 the company added 1.7 billion boe of reserves, achieving a reserve replacement rate of 175% despite record annual production, and an estimated reserves-to-production ratio of 12.5 years, driven mainly by strong performance and new wells in key offshore fields such as Búzios, Tupi, Itapu, Mero, Marlim Sul and Jubarte, and by progress in developing the Budião cluster in deepwater Sergipe-Alagoas, underscoring the resilience of its portfolio and its emphasis on maximizing recovery and diversifying exploration to sustain long-term output. Petrobras also disclosed that 90% of its SEC proved reserves are certified by independent evaluator DeGolyer and MacNaughton, and that its proved reserves under Brazilian ANP/SPE definitions stood slightly higher at 12.5 billion boe at year-end 2025, mainly reflecting different economic assumptions and the inclusion of volumes expected beyond concession terms.

The most recent analyst rating on (PBR) stock is a Hold with a $15.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.

Spark’s Take on PBR Stock

According to Spark, TipRanks’ AI Analyst, PBR is a Neutral.

Petrobras scores well due to its strong financial performance and attractive valuation, particularly its low P/E ratio and high dividend yield. However, technical analysis indicates some bearish momentum, which could pose short-term risks.

To see Spark’s full report on PBR stock, click here.

More about Petroleo Brasileiro SA- Petrobras

Petróleo Brasileiro S.A. – Petrobras is Brazil’s state-controlled integrated energy company, operating across the oil and gas value chain with a focus on exploration and production, particularly in deepwater and pre-salt offshore fields such as those in the Santos and Campos basins. Its primary products are crude oil, condensate and natural gas, and it plays a central role in Brazil’s energy security and in supplying hydrocarbons to domestic and international markets.

Average Trading Volume: 20,731,897

Technical Sentiment Signal: Strong Buy

Current Market Cap: $90.54B

Find detailed analytics on PBR stock on TipRanks’ Stock Analysis page.